MINEX Forum

Tag: joint venture

  • Celebrating 30 Years of Kazakhstan-France Joint Venture at KATCO

    Celebrating 30 Years of Kazakhstan-France Joint Venture at KATCO

    On 2 September, the Kazakhstan-France joint venture celebrated its 30th anniversary at the Shanyrak basecamp in Sozak District, Turkestan Region. The event was attended by key figures including Zulfukhar Zholdassov, First Deputy Akim of Turkestan Region, and Sylvain Guiaugue, the French Ambassador to Kazakhstan, alongside various stakeholders from the mining industry. The ceremony highlighted the significant milestones achieved by KATCO, which has transformed from a site with minimal infrastructure to a leading uranium producer, reaching a production capacity of 4,000 tonnes per year by 2026.

    Since its inception, KATCO has made substantial contributions to the national economy, paying KZT 460 billion into the budget and placing KZT 836 billion in orders with local suppliers. The company has also invested KZT 8.2 billion in over 500 social projects within the Turkestan Region and Sozak District, showcasing its commitment to community development. The workforce, comprising 1,363 employees—99% of whom are Kazakh citizens—has maintained an impressive safety record, working over two years without a lost-time injury.

    During the anniversary celebration, long-serving employees were recognised with state and regional awards, alongside KATCO Certificates of Honour. The event concluded with a screening of an anniversary film and a gathering of teams working on-site, reflecting on the journey of the company and the partnerships that have been crucial to its success since 1996. The ceremony served not only as a commemoration of past achievements but also as a reaffirmation of KATCO’s ongoing commitment to safety, community engagement, and sustainable mining practices.

  • East Star Resources Partners with Kazakhstan’s Nova Ltd for Major Copper Project Development

    East Star Resources Partners with Kazakhstan’s Nova Ltd for Major Copper Project Development

    East Star Resources (EST), a British company operating in Kazakhstan, has announced a significant partnership with local firm Nova Ltd to establish a joint venture aimed at developing the Rulikha copper project in the East Kazakhstan region. The project will be operated by Orion Development Ltd, which has been tasked with the technical execution of the project, including resource confirmation, feasibility studies, permitting, construction, and the eventual commencement of production. This strategic collaboration is noteworthy as it allows East Star to advance the project without requiring additional funding from its side.

    Nova Ltd, specifically registered in the Astana International Financial Centre (AIFC) to finance the joint venture, boasts shareholders that include prominent figures in Kazakhstan’s natural resources sector. While the identities of these shareholders have not been officially disclosed, speculation suggests they may include notable entrepreneur Aigazy Kusaikov and businessman Askhat Omarov, the latter being associated with billionaire Aydin Rakhimbaev.

    Orion Development, also registered in the AIFC, brings a wealth of experience in the construction and operation of copper mines and processing facilities in Kazakhstan. This team is expected to leverage its expertise to ensure the successful development of the Rulikha project.

    The Nova and Orion teams have previously developed two copper assets in Kazakhstan: the Karshyga and Kamkor projects. The Karshyga site was acquired in February 2017 from British firm Orsu Metals, which had reported reserves of approximately 4.6 million tonnes of ore with an average copper content of 3.02%. Following the acquisition, the team designed, financed, and constructed a copper processing plant, which began operations in 2018, leading to a significant increase in annual revenue.

    The Kamkor project, acquired in 2021, contained around 15.7 million tonnes of copper ore with an average metal content of 0.65%. Construction of its processing facility commenced in January 2022, and it was operational by April 2023, with capital expenditures amounting to $14 million. The facility’s capacity was later increased by approximately 50%, resulting in a substantial rise in project revenues.

    With the Rulikha project, the initial phase requires the partner to drill at least 3,000 meters or fund $1.5 million worth of work. East Star has already secured drilling permits for the main site and plans to initiate operations in the third to fourth quarters of 2026. As the project progresses, Nova’s stake in the joint venture will increase, potentially resulting in a final structure where Nova holds either 75% or 65% of the venture, depending on the financial arrangements.

    Located about 33 km from the Upper Uba project, another copper initiative by East Star, the Rulikha project’s geological exploration target is estimated at a maximum of 23 million tonnes of ore with an average copper equivalent grade of 2.4%. This development marks East Star’s second copper project in Kazakhstan, following the entry of Chinese investors into the Upper Uba project, where East Star aims to retain a 30% stake post-production commencement, while for Rulikha, it aims for a stake between 25% and 35%.

  • Azerbaijan and Uzbekistan Forge Joint Venture for Geological Exploration

    Azerbaijan and Uzbekistan Forge Joint Venture for Geological Exploration

    In a significant move to enhance bilateral cooperation in the mining sector, the Azerbaijan – Uzbekistan Investment Company (AUIC), Azerbaijan’s AzerGold CJSC, and Uzbekgeologorazvedka JSC have signed a term sheet to establish a joint venture dedicated to geological exploration in Uzbekistan. This agreement was formalised during the 15th meeting of the Joint Intergovernmental Commission on Cooperation between Azerbaijan and Uzbekistan, which took place in Tashkent. The meeting was attended by key officials, including Azerbaijan’s Minister of Economy, Mikayil Jabbarov, and Uzbekistan’s Minister of Investment, Industry and Trade, Laziz Kudratov.

    The collaboration aims to leverage AUIC’s investment capabilities, AzerGold’s technical expertise, and the extensive experience of Uzbekgeologorazvedka JSC. By combining these strengths, the joint venture intends to create an effective model for project implementation that spans from geological exploration to attracting strategic investors and facilitating the commercial development of mineral deposits. This initiative is expected to not only boost bilateral investment but also to incorporate modern technologies into geological exploration processes, thereby enhancing the overall investment appeal of Uzbekistan’s mineral resource sector.

    As both countries seek to strengthen their economic ties, this joint venture represents a strategic step towards improving the mining landscape in Uzbekistan. The focus on modern technology and strategic investment is poised to attract further interest in the region’s mineral resources, potentially leading to significant advancements in the sector. The partnership reflects a growing trend in the region towards collaborative efforts in resource development, which could serve as a model for future initiatives between other nations in Central Asia.

  • Avrupa Minerals Confirms 6.5 Million Tonne Copper-Zinc Resource at Portugal’s Sesmarias Project

    Avrupa Minerals Confirms 6.5 Million Tonne Copper-Zinc Resource at Portugal’s Sesmarias Project

    Initial mineral resource estimate for the Iberian Pyrite Belt deposit grades 2.9% zinc and 0.6% copper, with exploration upside targeting a doubling of the resource through further drilling.

    4 June 2026TSX-V: AVUSource: Avrupa Minerals Ltd. press release, 3 June 2026

    Avrupa Minerals Ltd. has published its first NI 43-101-compliant mineral resource estimate (MRE) for the Sesmarias copper-zinc project in northern Portugal, reporting a total inferred resource of 6.5 million tonnes grading 2.9% zinc, 1.2% lead, 0.6% copper, and 35 grams per tonne silver — equivalent to a copper equivalent (CuEq) grade of 2.2%, or a zinc equivalent (ZnEq) of 6.2%. The estimate was compiled by SLR Consulting’s Frank Browning and carries an effective date of 1 May 2026.

    The project sits within the Iberian Pyrite Belt (IPB), one of the world’s most productive volcanic-hosted massive sulphide (VMS) districts, stretching across southern Spain and Portugal. Sesmarias lies in the northern portion of the belt and hosts polymetallic mineralisation within a synformal fold structure with a known strike length of at least 1,700 metres.

    “The study supports the vitality of the mineralisation and provides clear encouragement for prioritised drilling in all zones at Sesmarias to potentially increase the size of the deposit.” — Paul W. Kuhn, President & CEO, Avrupa Minerals

    The resource is classified entirely as inferred and is broken into four zones. The Central Zone, at 2.2 million tonnes grading 3.4% zinc and 0.9% copper, carries the highest average grades in the deposit and accounts for 76,000 tonnes of contained zinc metal. The North and South zones each contribute approximately 1.9–2.1 million tonnes at lower but still material grades.

    The resource is classified entirely as inferred and is broken into four zones. The Central Zone, at 2.2 million tonnes grading 3.4% zinc and 0.9% copper, carries the highest average grades in the deposit and accounts for 76,000 tonnes of contained zinc metal. The North and South zones each contribute approximately 1.9–2.1 million tonnes at lower but still material grades.

    Table: Sesmarias initial mineral resource estimate by zone (4.0% ZnEq cut-off grade)

    Zone Tonnage (Mt) Zn (%) Pb (%) Cu (%) Ag (g/t) ZnEq (%) CuEq (%)
    Central 2.2 3.4 1.6 0.9 48 8.1 3.0
    Upper Central 0.3 2.3 1.2 1.3 37 7.4 2.7
    North 1.9 2.5 1.0 0.4 33 5.0 1.8
    South 2.1 2.9 0.9 0.3 23 4.9 1.8
    Total 6.5 2.9 1.2 0.6 35 6.2 2.2

    Alongside the MRE, SLR completed an independent assessment of exploration potential identifying seven drill targets beyond the current resource footprint — two extensional (E1, E2) and five conceptual (C1–C5). The extensional targets pursue down-plunge continuations of the Central and South zones, while the conceptual targets test largely undrilled portions of the synform’s hinge and west limb, where structural models suggest additional massive sulphide lenses may exist. SLR’s sensitivity analysis shows that at a 3% ZnEq cut-off, the deposit could contain up to 10.6 million tonnes grading 5.1% ZnEq — though that figure is not a declared mineral resource.

    The company has initiated a mining licence application for the Sesmarias deposit and is seeking a joint-venture partner to fund the next drilling campaign and advance the project through pre-feasibility studies. First-priority drilling will target the Central Zone hinge and west limb between sections 275 S and 700 S, where moderate existing drill density has left the synform’s geometry incompletely characterised. Near-term exploration success in the Central and North zones is expected to inform the sequencing of work in the more geologically complex Southern Zone.

    Avrupa Minerals trades on the TSX Venture Exchange (AVU), the US OTC market (AVPMF), and the Frankfurt Stock Exchange (8AM). The company also holds the 100%-owned Alvalade VMS project in Portugal and a 49% stake in the Slivova gold project in Kosovo.

  • East Star and Xinhai Agree on Joint Development of Verkh-Uba Copper Project in Kazakhstan

    East Star and Xinhai Agree on Joint Development of Verkh-Uba Copper Project in Kazakhstan

    UK-listed East Star Resources Plc has announced that it has signed a preliminary agreement with China’s Xinhai Mining Services Limited to jointly develop the Verkh-Uba copper deposit in Kazakhstan.

    Under the terms of the agreement, Xinhai Mining Services will lead the phased development of the project, which is estimated to require investments of around 65 million US dollars. The parties expect to finalize and sign a binding agreement within the next six months.

    The Chinese partner will fully finance all stages of project development, including approximately 5000 meters of additional drilling to refine resource estimates and the construction and commissioning of a mining and processing facility with an annual capacity of 1 million tonnes. As investment volumes increase at each stage, Xinhai’s stake in the joint venture will rise from an initial 15 percent to as much as 70 percent.

    East Star noted that the involvement of a strategic partner will reduce project risks and accelerate development timelines. The joint venture will also allow the company to redirect its efforts toward the discovery and evaluation of additional deposits, as East Star holds several other promising gold and copper licenses. These include the Talovskoye and Rulikhinskoye sites, with the latter estimated under JORC standards to contain 23 million tonnes of copper ore at an average grade of 2.4 percent.

    In Kazakhstan, East Star focuses on the exploration of gold and base metals and has been conducting exploration activities for more than three years at three sites: Verkh-Uba, Talovskoye, and Snezhnoye. In February 2025, the company reported the identification of additional base metal resources, with JORC-compliant estimates for Verkh-Uba at that time placing resources at 20.3 million tonnes of ore containing 1.16 percent copper, 1.54 percent zinc, and 0.27 percent lead.

  • Critical Metals Corp and Romania’s FPCU Form 50:50 JV to Build EU Rare Earth Processing Hub Linked to Tanbreez

    Critical Metals Corp and Romania’s FPCU Form 50:50 JV to Build EU Rare Earth Processing Hub Linked to Tanbreez

    Critical Metals Corp. (Nasdaq: CRML) has executed a term sheet to establish a 50:50 joint venture with Romania’s state-owned Fabrica de Prelucrare a Concentratelor de Uraniu (FPCU), marking a major step toward creating a fully integrated, Western-aligned rare earth supply chain spanning mine to processing.

    Under the agreement, the JV will secure long-term offtake rights to 50% of Tanbreez’s rare earth concentrate production and advance plans to develop a state-of-the-art rare earth processing facility in Romania. The project is designed to supply European industries and defence sectors while reducing reliance on China, which currently controls more than 80% of global rare earth processing capacity.

    The JV structure is notable in that CRML will not issue debt or equity to fund the facility. The company will retain its 50% stake on a carried-interest basis, with no capital expenditure obligations related to construction. The plant is expected to produce a range of high-value outputs, including aerospace- and military-grade rare earth magnets.

    With this agreement, CRML will have 75% of Tanbreez’s future production committed under long-term offtake agreements with allied partners, following earlier deals allocating 10% to UCORE and 15% to ReAlloys. Once mining at Tanbreez is commissioned, CRML will supply half of the project’s concentrate to the Romanian JV for the full life of mine on competitive market terms.

    The partners will now work to finalise the technical and commercial framework for the JV, overseen by a dedicated development committee responsible for plant design, development strategy and commercialisation of processed products. Both CRML and the Romanian government plan to apply for funding under the EU’s recently announced €3.5-billion critical raw materials support package.

    CRML also confirmed it is updating its feasibility study to reflect a redesigned processing flowsheet at Tanbreez. The company is targeting an increase in concentrate grade from 2.2–2.5% to above 3% TREO, which is expected to improve mine-to-metal economics and downstream product quality. An updated feasibility study and revised timelines are expected by Q1 2026.

  • East Star Resources Signs $25M+ Joint Venture with Endeavour Mining for Gold Exploration in Kazakhstan

    East Star Resources Signs $25M+ Joint Venture with Endeavour Mining for Gold Exploration in Kazakhstan

    East Star Resources Plc has entered into a binding earn-in and joint venture agreement with Endeavour Exploration, a subsidiary of global gold major Endeavour Mining, securing more than $25 million in staged investment for gold exploration across Kazakhstan.

    Under the newly established JV structure, Endeavour can earn up to an 80% stake in a dedicated joint venture company through phased funding. The first stage requires a $5 million investment within two years to secure 51%, followed by a further $20 million over three years to reach 70%. Completion of a NI 43-101 compliant pre-feasibility study would grant Endeavour the final 10% interest.

    East Star will retain a 20% stake upon full earn-in and will manage the joint venture during early operations, receiving compensation for its role. The agreement also includes milestone payments tied to maiden resource and PFS outcomes, to be verified by an independent qualified person.

    CEO Alex Walker described the deal as a transformative step for the company, highlighting Endeavour’s strong discovery and project-development track record, including five mines built in the past decade.

    A webcast for investors will be held on 18 November 2025 to discuss the agreement, with registration available through the Investor Meet Company platform.

  • U.S. and Kazakhstan Forge Joint Venture to Secure Global Tungsten Supply

    U.S. and Kazakhstan Forge Joint Venture to Secure Global Tungsten Supply

    Following the announcement of the joint venture between US-based Cove Capital LLC and Kazakhstan’s National Mining Company, JSC Tau-Ken Samruk, further details have emerged regarding the development timeline and scale of the Northern Katpar and Upper Kairakty tungsten projects.

    Cove Kaz Capital Group LLC (“Cove Kaz”), a portfolio company of U.S.-based Cove Capital LLC, will hold a 70 per cent interest, with Tau-Ken Samruk retaining 30 per cent ownership of Severniy Katpar LLP, which owns the Northern Katpar and Upper Kairakty tungsten projects.

    Cove Kaz will oversee marketing of 100 per cent of project output and has entered into a Letter of Intent with the International Trade Administration at the U.S. Department of Commerce to prioritise supply for U.S. government and commercial needs.

    The announcement was made in Washington, D.C., during the C5+1 Leaders’ Summit by U.S. President Donald J. Trump and Kazakhstan President Kassym-Jomart Tokayev.

    Total development costs for the Northern Katpar and Upper Kairakty projects are estimated at USD $1.1 billion. The Export-Import Bank of the United States has issued a Letter of Interest for USD $900 million in financing, complemented by a similar commitment from the U.S. International Development Finance Corporation.

    Cove Kaz’s project team will be led by Dominic Heaton, who previously oversaw development of the Nui Phao integrated tungsten mine and refinery in Vietnam – the world’s largest tungsten operation outside China. Preparatory work has already commenced to support a Definitive Feasibility Study for Northern Katpar, including the establishment of downstream refining capacity in Kazakhstan to produce ammonium paratungstate (APT) and other tungsten compounds.

    Pini Althaus, Chief Executive Officer of Cove Capital and Cove Kaz Capital, expressed gratitude for U.S. and Kazakh government support:

    “On behalf of Cove Capital and Cove Kaz, I wish to thank President Donald J. Trump, Secretary of Commerce Howard Lutnick, and the U.S. Trade Advocacy Center for their exceptional engagement. Their efforts have aligned financing, offtake pathways, and policy support to deliver a secure, allied tungsten supply for America’s industrial and defence needs.

    “I also wish to thank President Kassym-Jomart Tokayev for his leadership and partnership. This collaboration is a win for both nations—strengthening U.S. supply chains while fostering investment and long-term prosperity in Kazakhstan.”

    Tungsten – A Critical Industrial and Defence Mineral

    Tungsten is ranked by the U.S. Defense Logistics Agency as a “material of interest” and by the European Union as the raw material of highest economic importance due to its unique physical properties: the highest tensile strength at high temperatures, the highest melting point of any metal, and exceptional corrosion resistance.

    Its density and durability make tungsten indispensable in high-performance cutting and drilling tools, aerospace alloys, semiconductor contacts, and radiation shielding. In defence applications, tungsten is used in armour-piercing munitions, missile components, aircraft ballast, and other high-stress environments.

    Currently, China controls over 80 per cent of global tungsten production and processing. In February 2025, China imposed new export restrictions on tungsten and tungsten-containing products to the United States.

    Severniy Katpar LLP

    Severniy Katpar LLP holds licences for two projects—Northern Katpar and Upper Kairakty—located approximately 30 kilometres apart in the established Karaganda mining district of central Kazakhstan, less than 160 kilometres south of the city of Karaganda.

    Feasibility studies completed in April 2023 report total JORC-compliant mineral resources of 1.4 million tonnes of tungsten trioxide (WO₃), accounting for around 70 per cent of Kazakhstan’s total tungsten resources. For comparison, the U.S. Geological Survey estimates China’s reserves at 2.4 million tonnes.

    Combined production from both projects is expected to reach 12,000 metric tonnes per annum (mtpa) of tungsten trioxide—approximately 15 per cent of current global output.

    Cove Capital’s Broader Commitment in Kazakhstan

    Cove Capital’s portfolio company, Kaz Resources LLC, became in 2023 the first U.S. entity to receive critical minerals and rare earth concessions in Kazakhstan. These include licences for 13 minerals such as lithium, tantalum, beryllium, niobium, and rare earth elements.

    In 2024, Cove Capital and Tau-Ken Samruk formalised a joint venture for exploration of rare earths at the Akbulak project in the Kostanay region, with Cove holding 75 per cent and “Qazgeology” JSC 25 per cent. Cove is fully financing exploration activities until reserves are booked.

    About Cove Capital LLC

    Founded in 2015, Cove Capital is a mining-focused investment and development firm headquartered in New York and Melbourne. Since 2018, the company has focused on critical minerals projects that enhance U.S. and allied supply chains. Led by CEO Pini Althaus, Cove Capital brings extensive expertise across exploration, mining, processing, and offtake structuring.

    About Tau-Ken Samruk

    Tau-Ken Samruk, Kazakhstan’s national mining company, manages the sustainable development of the nation’s mineral wealth. Through partnerships with international investors, it aims to strengthen Kazakhstan’s mining sector and support the country’s long-term economic growth.

  • Avrupa Minerals Regains Full Control of Sesmarias Project in Portugal

    Avrupa Minerals Regains Full Control of Sesmarias Project in Portugal

    Avrupa Minerals is reaffirming its commitment to the Sesmarias project in Portugal, even as it continues to expand its Finnish exploration portfolio. Sesmarias, the company’s flagship discovery since 2014, has seen significant progress through multiple joint ventures and self-funded efforts. Most recently, Sandfire MATSA supported exploration from 2020 to 2025, yielding impressive high-grade intercepts and expanding the project’s geological understanding.

    Despite these advancements, the project did not meet Sandfire MATSA’s internal criteria, leading to Avrupa regaining 100% ownership. With complex geology and promising mineralization—including intercepts like 26.95 meters @ 2.18% Cu and 28.60 meters @ 1.68% Cu—the company is now focused on securing a new strategic partner to advance towards a potential mining decision.

  • Astana and Amman to Establish Joint Venture for Uranium Development in Jordan

    Astana and Amman to Establish Joint Venture for Uranium Development in Jordan

    Tuesday, 27 August 2025

    Kazakhstan and Jordan have announced plans to create a joint venture for the development of uranium deposits in Jordan. The agreement was revealed by Nurlan Zhakupov, Chairman of the Board of the “Samruk-Kazyna” Sovereign Wealth Fund, during a press briefing on Wednesday.

    According to Zhakupov, the joint venture will be established between Kazatomprom, Kazakhstan’s national uranium company, and Jordan’s national uranium company. The agreement, signed during the visit of Jordan’s King Abdullah II, is a legally binding document that outlines the creation of the joint venture by the end of 2026.

    Scientific and Industrial Collaboration

    Under the agreement, both parties will conduct scientific research and pilot industrial work to assess the extractability and enrichability of uranium in Jordan. If the results are positive, the joint venture will be finalized by the end of 2026, with Kazatomprom holding a 70% stake and the Jordanian company owning the remaining 30%.

    Kazatomprom, the national operator for uranium exports and related products in Kazakhstan, operates under the management of the “Samruk-Kazyna” fund. The company is responsible for the export of uranium, rare metals, nuclear fuel for power plants, and specialized equipment.

    Previous Agreements and Future Prospects

    In February 2025, Kazatomprom and the Jordan Uranium Mining Company (JUMCO) signed a memorandum of cooperation to jointly study projects related to uranium exploration and mining in Jordan. The decision to collaborate was made during the fifth meeting of the Kazakh-Jordanian intergovernmental commission at the end of 2024.

    The establishment of this joint venture underscores the strategic cooperation between Kazakhstan and Jordan in the nuclear energy sector, with both countries aiming to leverage their resources for mutual economic benefit.